First the Republican-led House approved a federal budget that’s heavy on spending cuts. Then the Democratic-controlled Senate approved one that leans more toward tax increases. Then at last, President Barack Obama put out his own budget plan, two months late, coming down someplace in between.
The next battle over the federal debt limit appears to be further away than many expect — and perhaps not until well into autumn.
On February 4, President Obama signed into law H.R. 325, which suspended the debt limit until May 19. At the time, we offered a detailed interpretation of this novel approach to the debt limit, along with a projection of the new X Date (the date on which Treasury would be unable to make all payments in full and on time).
At the dedication of the George W. Bush Presidential Center in Dallas on Thursday, all five living presidents were in attendance and were introduced on stage together. Here’s a photo of this special moment:
Senator Charles E. Schumer said he was blindsided. On March 31, after months of tense negotiations, a bipartisan group of eight senators hoping to overhaul the nation’s strained immigration system felt as if they were finally closing in on a deal. Mr. Schumer, a New York Democrat and member of the group, was preparing to go on the NBC program “Meet the Press” to hail the progress.
Erskine Bowles and Alan Simpson, the deficit-reduction duo, are trying to rekindle congressional interest in a $2.5 trillion package of spending cuts and tax increases with new details showing how it could work.
After the House of Representatives passed a budget and a stop-gap measure to fund the government through the end of the fiscal year today, Congress is now poised to turn its attention to a fresh battle over a looming debt limit increase.